EUR/USD almost unchanged, focus remains on 1.0950

EUR/USD is alternating gains with losses on Thursday, currently hovering over the 1.1010/15 band.

EUR/USD attention to US data

Spot keeps its bearish fashion intact so far and remains poised for further downside against the backdrop of a generalized upbeat sentiment around the greenback, which is trading in fresh 7-month tops when tracked by the US Dollar Index.

The key 7-month support line around the 1.1000 handle has so far contained the selling impetus and remains a tough barrier, although if cleared should pave the way for a visit to the 1.0950 region, July lows.

The pair has remained apathetic following the release of the FOMC minutes on Wednesday, showing a pretty divided Committee while the timing of the next rate hike continues to be ‘data dependent’.

Data wise, final inflation figures in Germanby for the month of September have matched the preliminary readings, with the broader HICP rising 0.5% YoY and coming in flat inter-month.

Across the pond, US Initial Claims, Export/Import Prices and the weekly report on crude oil inventories by the DoE are all due along with the speech on ‘Economic Outlook’ by Philly Fed P.Harker (2017 voter, hawkish).

EUR/USD levels to watch

The pair is now up 0.01% at 1.1010 and a break below 1.0998 (7-month support line) would target 1.0950 (low Jul.27) en route to 1.0909 (low Jun.24). On the other hand, the next up barrier is located at 1.1172 (200-day sma) followed by 1.1244 (resistance line off 2016 high) and finally 1.1279 (high Sep.26).